Magnora ASA on Friday reported a wider-than-expected loss for the second quarter of 2026, with revenue declining 54% from analyst estimates as its renewable energy business underperformed. The Oslo-listed group posted an adjusted loss per share of NOK 3.48, compared with a forecast loss of NOK 1.52 per share.
Revenue totaled NOK 100.6 million ($10.1 million), missing the consensus estimate of NOK 220.8 million by 54.4%. Operating profit came in at a negative NOK 36.4 million, with net profit similarly in the red. The company maintained a cash position of NOK 814 million at quarter-end, with total liquidity including credit facilities at NOK 964 million.
Magnora’s renewable energy portfolio, spanning Norway, Sweden, Denmark, Germany, Italy, the U.K. and South Africa, reached over 10 gigawatts in operational capacity. The company targets 12 gigawatts by the end of 2026, while reducing quarterly operating costs in the renewable segment to a range of NOK 10 million to NOK 15 million from a prior band of NOK 25 million to NOK 35 million.
The group’s data center subsidiary, Magnora Data Center, raised NOK 650 million in a June listing on Euronext Growth Oslo, consolidating a 52.7% ownership stake. Since its inception in early 2025, the unit has expanded into four European markets, including a 120-megawatt site near Helsinki secured in under eight months. The data center business was valued at approximately NOK 9 billion at quarter-end, with the renewable segment priced at NOK 900 million.
Magnora’s share price closed at NOK 24, down 1.7% in premarket trading. The stock remains 32.2% below its 52-week high of NOK 33.70 and 24.7% above its 52-week low of NOK 18.42. Over the past seven years, the company has returned NOK 1 billion to shareholders, delivering an average annual return of 28%.
Executives highlighted the rapid development of the data center unit, noting its transition from concept to listed entity in less than 18 months. The group also emphasized productivity gains in its renewable business, with marginal costs for new megawatts remaining low as the unit enters a “harvesting phase.”
